ISLAMABAD: The Federal Bureau of Revenue (FBR) has warned those, especially realtor, to face dire consequences who would not declare assets after expiry of tax amnesty scheme from July 1, 2018.
No stern action will be taken against them till the expiry of existing Tax Amnesty scheme on June 30, 2018. After July 1, 2018 the FBR will move its long arm of law against potential tax evaders.
The FBR has identified 50,000 potential tax evaders in real estate sector and directed them to avail Tax Amnesty Scheme.
The revenue authority has also detected the owners of plazas who have sold hundreds of flats and malls but did not declare them in returns.
The sources said that the FBR had done mapping of plazas in posh areas of major cities where 50 to 100 big investors invested money on average in each such plaza.
“We have obtained records of around 1000 members of Association of Builders and Developers of Pakistan (ABAD) with details of projects executed by them in whole of the country,” said an FBR official.
“The FBR has also managed to get details from DHA Karachi, Bahria Town Karachi and others,” said the official.